EIB Approves Lease of Saab Automobile’s property

Wednesday, July 6, 2011

The European Investment Bank has finally approved the lease of 50.1% of Saab Automobile’s property to a Swedish Consortium led by Hemfrosa Fastigheter AB for a period of 15 years. The deal is expected to net Saab Automobile 25 million Euros ($41 million).

“We have approved Saab’s property deal. We have no further comments concerning Saab” was the rather laconic statement of EIB spokesman, Pae Isaksson. The deal still needs to be ratified by the Swedish government, which has declined to comment on the issue.

This is another in a series of good news for the ailing carmaker, which last month had ceased production and had no way of paying its workers or its suppliers. The future looked very dark indeed for Saab, until the events took a turn for the better.

First, a Chinese company ordered 582 cars giving Saab a short-term lease of life to the tune of 13 million Euros. Then came the finalization of the deal with the Chinese companies Pang Da and Youngman along with the, rather unexpected, announcement of the development of three new models, the 9-1, 9-6X and 9-7.